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Flexible Private Pension Plan that allows transfers in from other policies

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Flexible Private Pension Plan that allows transfers in from other policies

edited 30 November -1 at 1:00AM in Auto-enrolment
5 replies 973 views
goroaminggoroaming Forumite
31 posts
edited 30 November -1 at 1:00AM in Auto-enrolment
Hi all,
My son worked at Tesco last summer and was automatically enrolled in their workforce pension plan. He is now back at Uni and has a small amount in that plan which is worth nothing on it's own but given that he may work in several other similar jobs and have automatic enrolment in their workforce pension plans I was wondering is there a good priviate pension plan that is very flexible and that allows you transfer in or consolidate other pension plans into a plan with them?
We did ask the Legal and General pension team if he could transfer the tesco pension into a private plan but they told him that he couldn't keep paying into the Tesco one and that they were not taking on any new business in relation to offering him a plan to transfer the pot over to. This worried me about Legal and General but also I felt that having a flexible pension plan that allows consoldation of one's retirement savings was a good idea for a young person starting out in employment these days. Can anyone tell me anything about any similar eperiences and/or if they have a good flexible plan that allows transfers in from other pension plans?

Replies

  • LHW99LHW99 Forumite
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    Why not leave it where it is and then transfer it to the next company's plan when he gets a new job?
  • goroaminggoroaming Forumite
    31 posts
    Hi LHW99,

    Thanks for your input.

    Yes we did think of that but if the next company doesn't let you carry on with their pension after you stop working in your vacation to go back to Uni after the summer then it leaves him in the same situation so we just thought join in with the company pension scheme, get their contributions then transfer into your own private pension scheme at the end of each vacation working period. He has four more years to go to complete his study programme so it seemed like the option we are lookin g at is a good one if we can arrange it but wanted to hear from others who may have trod this path before us.
  • LHW99LHW99 Forumite
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    Most SIPPs let you tranfer pensions to them, but L&G may only deal with advisers, I don't know.
    Hargreaves Lansdown is good for beginners & small pots, although they get expensive when you have more than perhaps £30k with them. He could always give them a ring and chat it through. If its possible, he would fill in their form & send it back & they'd do the work.
    Other platforms are obviously available - AJBell, Fidelity and Cavendish are often mentioned on here.
  • jaybeetoojaybeetoo Forumite
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    The Tesco pension may have lower charges than other SIPP platforms. If so, leave the pension where it is for now.
  • Beachboy87Beachboy87 Forumite
    15 posts
    10 Posts
    I have a pension with legal and general through tesco where I work and managed to transfer over £5k quickly into a siip account. You just phone l&g and ask for all the paperwork and fill it in and send it back.
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